Jobless Rate Down in January

February 5  The U.S. unemployment rate declined by 0.3% in January, although the number of payroll jobs fell, too, as employers opted for added hours and overtime instead of hiring.

The U.S. Bureau of Labor Statistics (BLS) reported the unemployment rate in January at 9.7%, down from 10% in December. The number of jobless persons also declined, to 14.8 million. The number of persons working part time who would have preferred full-time employment dropped from 9.2 to 8.3 million, the lowest number in a year. However, the percentage of those who have been unemployed for at least 27 weeks rose last month.